Rexam has received clearance to complete the acquisition of Russian beverage can maker Rostar following months of negotiations with the Russian Federal Antimonopoly Service (FAS).
The FAS granted clearance on the condition that Rexam will not increase beverage can prices in Russia by more than 15% per annum, other than in exceptional circumstances, and that the company will continue to invest in its Russian beverage can business.
In July, Rexam agreed to buy Rostar from EN+ Group for £149m (US$297m), including borrowings assumed.
The acquisition comprises a plant near Moscow, which includes an end-making facility able to produce 1.3 billion beverage cans a year, and a St Petersburg plant capable of rolling out 1.7 billion cans annually.
Rexam has been focusing more on the Russian market and is supplying brewing giant Baltika with the one-litre "king can" for two of its most popular beers.
The company expects to have completed the acquisition by the end of March.
The FAS granted clearance on the condition that Rexam will not increase beverage can prices in Russia by more than 15% per annum, other than in exceptional circumstances, and that the company will continue to invest in its Russian beverage can business.
In July, Rexam agreed to buy Rostar from EN+ Group for £149m (US$297m), including borrowings assumed.
The acquisition comprises a plant near Moscow, which includes an end-making facility able to produce 1.3 billion beverage cans a year, and a St Petersburg plant capable of rolling out 1.7 billion cans annually.
Rexam has been focusing more on the Russian market and is supplying brewing giant Baltika with the one-litre "king can" for two of its most popular beers.
The company expects to have completed the acquisition by the end of March.
Source: packagingnews
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